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(5 points) beginning inventory+purchases=
(75 points) The Company uses the periodic inventory system. Beginning Inventory and purchases for the month of January were the following:
DateQuantityUnit PriceTotalBeginning Inventory1,500 units$5.00$7,5001/10 Purchase2,000 units$5.10$10,2001/20 Purchase3,000 units$5.20$15,6001/25 Purchase1,800 units$5.25$9,450Sales during month of January5,925 units$13.20$78,210
(5 points) Using LIFO, calculate goods available for sale.
(5 points) Using FIFO calculate goods available for sale.
(5 points) Using average cost, calculate goods available for sale.
(5 points) What were total sales if LIFO is used?
(5 points) What were total sales if FIFO is used?
(5 points) What were total sales if average cost is used?
(5 points) What is cost of goods sold if LIFO is used?
(5 points) What is cost of goods sold if FIFO is used?
(5 points) What is cost of goods sold if average cost is used?
(5 points) What is gross profit if LIFO is used?
(5 points) What is gross profit if FIFO is used?
(5 points) What is gross profit if average cost is used?
(5 points) What is the LIFO conformity rule?
(5 points) In periods of rising prices, which inventory method (LIFO, FIFO, Average Cost) will result in a HIGHER tax payment to the IRS?
(5 points) In periods of rising prices, which inventory method (LIFO, FIFO, Average Cost) will result in a LOWER Net income?
(20 points) At the beginning of the year, beginning inventory had a balance of $450,000. During the year, total sales were $1,200,000 and cost of goods sold were $835,000. Calculate the journal entry for the sale of inventory.
(5 points) What is the economic event that results in goodwill being recorded on the balance sheet?
(5 Points) On a bond, what is the stated rate?
(5 Points) What is the face amount of a bond?
(5 Points) What is a coupon payment of a bond?
(5 Points) What is the formula to calculate the coupon...

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